Gome Planning Legal Action Against Former Founder Huang Guangyu
Gome said the board of directors decided to sue Huang Guangyu over his “alleged breach of fiduciary duties as a director of the Company relating to the repurchases of the company’s own shares in or about January and February 2008, and breach of trust.”
China Everbright Bank Picked Strategic Investors for IPO
30 selected strategic investors have committed up to 60 billion yuan ($8.86 billion) for the proportions of 6.1 billion-share offering.
Cathy Pacific Reports First-Half Profit of HK$6.8Bln
Cathay Pacific Airways Ltd. said Wednesday its first-half profit surged to 6.84 billion Hong Kong dollars ($881 million), or 173.9 Hong Kong dollars per share on a strong recovery in demand.
Private Banks: From "Offshore" to "Onshore"
Both domestic and foreign banks, by establishing private banks in China, aim to lay a good foundation in exploring clients before the country lifts the cap on businesses in this segment.
Geely Completes Volvo Deal
Chinese car maker Zhejiang Geely Holding completes its $1.8 billion acquisition of Volvo Car Corp. from Ford Motor Co..
Li Ka-Shing to Buy EDF’s UK Grids for $9.1Bln
The deal, once completed, will make Li Ka-Shing one of the largest holders of the UK’s infrastructure assets with one fourth of the country’s electricity distribution market in hand.
Rio Tinto, Chinalco Sign Agreement for Guinea Iron-Ore Project JV
The agreement will allow Chalco to aquire a 47 percent stake in the new JV by providing 1.35 billion U.S. dollars through sole-funding of ongoing development work over the next two to three years.
Carlyle Group Raises Billions in First-Phase Funding in Beijing
The Carlyle Group is expected to raise more than one billion yuan through an RMB fund in its first phase fund-raising from Beijing Equity Investment Development Fund.
ICBC Plans 45Bln Yuan in Rights Offer
Industrial and Commercial Bank of China plans to raise up to 45 billion yuan via a right issue in Shanghai and Hong Kong to replenish capital.
China Eastern Airlines to Set up JV with Yunnan Gov.
China Eastern Airlines planned to invest 2.38 billion yuan for 65 percent stake in a joint venture with the government of Yunnan Province.
AVIC Invests 10Bln to Build Aviation Industrial Park in North China
The Aviation Industry Corporation of China will invest 10 billion yuan to build an aviation science and technology industrial park in Changchun, capital of north China’s Jilin Province.
China Shipbuilding Raises 17.3Bln Yuan via Placement
The company said it expected to make 4.2 billion yuan in net profit and 52.3 billion in revenue this year after the transaction.
China Mulls More Space for Loan-Resource Exchange Overseas
China is considering policies to provide loans to the mineral-rich countries in exchange for resources.
China's Property Price Rises 11.4Pct in June
Housing prices rose 11.4 percent in June, narrowing from the 15.1 percent rise in May.
China to Extend Resources Tax to Cover Entire Nation: Official
China plans to extend a tax on oil, natural gas and coal output to the entire nation; the rate may vary across commodities.
Housing Prices May Decline in China: Standard Chartered
China's leading cities could see prices plummet 20 percent to 30 percent, while the second and third tier cities could see declines of 10 percent to 20 percent.
Chang'an to Sign JV Deal with PSA on June 9
Chang'an Automobile, one of China's biggest car makers said it will ink a deal on Friday with PSA Peugeot Citroen in France to set up a 50-50 joint venture.
Australia Cuts Resources Tax to 30Pct
Australian government on Friday cut the tax rate for iron ore and coal profits from 40 percent to 30 percent, a substantial concession to the mining firms.
HSBC China June PMI Slips to 50.4
HSBC China June PMI slipped to 50.4 from 52.7 in May as new output and new orders dropped outright for the first time since the depths of the global downturn in March 2009.
EU Fines Steel Makers 518Mln Euros for Cartel
The producers of prestressing steel, including industry giant ArcelorMittal, have been operating the price-fixing and market-sharing cartel between 1984 and 2002 in all EU member states excluding Britain, Ireland and Greece.
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